How WP Smart Contracts can benefit your business?
What is Smart Contracts?
Smart contracts are simply programs stored on a blockchain that run when predetermined conditions are met. They typically are used to automate the execution of an agreement so that all participants can be immediately certain of the outcome, without any intermediary’s involvement or time loss. They can also automate a workflow, triggering the next action when conditions are met.
Transparency
The participants have the same information at the same time, which minimises possible manipulation of the clauses of the contract.
Cost Reduction
No dependecy on a third party to verify the terms of the contract and provide the necessary confidence, the associated costs are reduced.
Autonomy
Smart contracts do not require trusted third parties or human intervention in the process, which offers autonomy and independence to the parties.
Speed
The absence of intermediaries reduces the economic cost as well as the time cost.
THE POWER OF BLOCKCHAIN + WORDPRESS
Smart Contracts is an easy way to manage your Smart Contracts on multiple networks using WordPress.
Ethereum
Ethereum Classic
Binance Smart
Polygon
Avalanche
Fantom
Use-Cases of WordPress Smart Contracts
Smart Contracts used in NFT Marketplace
An NFT marketplace deploys smart contracts to create a unique identifier for each NFT. It is like a place to store, buy and sell NFTs. An NFT marketplace stores NFT assets and combine a user-friendly interface with highly powerful back-end properties that support the underlying blockchain technology. Usually, all NFT platforms share a similar workflow. Firstly, a user has to sign up on the platform and install a digital wallet to store NFTs. Users can then create their assets by uploading items to exhibit their work. The user can also select which payment tokens they would like to accept for their art and set a fee if the platform suggests it. The next step in the workflow is to list items for sale. The user can choose a bid for a fixed price or an auction. A transaction is created when listing an item for sale to launch a personal trading smart contract for the user’s wallet. The platform may need a collection moderation, and NFTs will appear on the list after approval.
Smart Contracts used in Insurance
Insurance has always been one of the most important use-cases of smart contracts as most of the disputes happen in the insurance sector. For example, let’s take auto insurance as an example. To do so, smart contracts need to utilize a lot of technology, including IOT to facilitate themselves. The smart contract will facilitate the policy and make sure that it has all the proper documentation, including driver reports and driving records, with the use of the technology. If the smart contract is set up with the right policy, documents, and ways to capture data, it can execute itself shortly after the accident. Also, smart contract execution is only done based on the collected data, which ensures that no fraud is done in the process.
Create your own WordPress Smart Contracts
NFT
Cryptocurrency
Crowd Fundings
StakingWe Support Metamask Wallet
MetaMask wallet is a versatile product in the marketplace, supporting multiple protocols across blockchains.
Applications of WP Smart Contracts
Financial Services
Smart contracts have transformed conventional financial services. One of the best use-cases being the insurance claim. The digital contract verifies errors, forwards them, and then sends funds to the user if everything validates.
Digital Artworks
NFTs are one of the top use applications of smart contracts. NFTs are minted through a smart contract that decides ownership and manages the transferability of the NFTs.
Supply Chain
Smart contracts have transformed conventional financial services. One of the best use-cases being the insurance claim. The digital contract verifies errors, forwards them, and then sends funds to the user if everything validates.
Health Care
With a private key, blockchain can easily store patients’ encoded health records. The security will make these decoded records accessible to only particular individuals.
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